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The Union Cabinet chaired by the Prime Minister Shri Narendra Modi has approved the implementation of the recommendations of 7th Central Pay Commission (CPC) on pay and pensionary benefits. It will come into effect from 01.01.2016.

In the past, the employees had to wait for 19 months for the implementation of the Commission’s recommendations at the time of 5th CPC, and for 32 months at the time of implementation of 6th CPC. However, this time, 7th CPC recommendations are being implemented within 6 months from the due date.

The Cabinet has also decided that arrears of pay and pensionary benefits will be paid during the current financial year (2016-17) itself, unlike in the past when parts of arrears were paid in the next financial year.

The recommendations will benefit over 1 crore employees. This includes over 47 lakh central government employees and 53 lakh pensioners, of which 14 lakh employees and 18 lakh pensioners are from the defence forces.

Highlights:

1. The present system of Pay Bands and Grade Pay has been dispensed with and a new Pay Matrix as recommended by the Commission has been approved. The status of the employee, hitherto determined by grade pay, will now be determined by the level in the Pay Matrix. Separate Pay Matrices have been drawn up for Civilians, Defence Personnel and for Military Nursing Service. The principle and rationale behind these matrices are the same.

Tuesday, June 28, 2016

Economic Times News:: Shiv Sena leader slaps, abuses bank employee in MaharashtraPraveen Shinde, who is a Zila Parishad member, and his friends thrashed a Central Bank of India staff in Yavatmal district of Maharashtra.

In yet another incident showcasing Shiv Sena's hooliganism, a local leader was caught on camera slapping and abusing a bank employee in Yavatmal district of Maharashtra.The video released by ANI shows, Praveen Shinde, who is a Zila Parishad member, and his friends thrashing and abusing a staff of the Central Bank of India. The incident took place on Wednesday (June 15).Shinde is seen talking to the employee and then suddenly slapping him. One of Shinde's associates then showered a series of slaps on the employee who is seen evading the attack.A senior bank staff, who is seated nearby, is seen trying to prevent the Sena men from attacking his staff.In February, a Siv Sena

Amid speculation over mergers of smaller public sector banks with five to six larger ones, finance ministry officials on Wednesday said only consolidation of State Bank of India (SBI) with its associates and Bharatiya Mahila Bank (BMB) would happen this year.

"There are no talks of mergers of any other banks besides that of SBI during this financial year, as it will involve getting trade unions on board. So we cannot give timelines on more mergers yet. But they will happen in due course. It will have to be done in a fiscally prudent manner. Any consolidations besides that of SBI with the five subsidiaries are unlikely this year," said a senior government official.

Recently, there was news that Oriental Bank of Commerce, Allahabad Bank, Corporation Bank and Indian Bank merging with PNB, will form a better balance sheet. "We have not heard that at all. May be a WhatsApp message is getting circulated. At present, there is nothing as far as our knowledge goes,” Indian Bank Executive Director A S Rajeev told Deccan Herald.

Rajeev said, "Our capital adequacy ratio (CAR) is the best in the industry for the past four years, which is 13.20% and tier I capital is 12.08%. We are a very well-capitalised bank. We don’t require any capital at all. We have enough headroom available for growth.” CAR, also known as Capital to Risk (Weighted) Assets Ratio (CRAR), is the ratio of a bank’s capital to its risk.

At present, the government holds 82% stake in Indian Bank. Rajeev was in the city to inaugurate specialised branches for retail and MSMEs. IND Retail will exclusively handle home loans, vehicle loans and mortgage loans and IND MSME will cater to the needs of MSMEs.

"We are targeting a growth of 25-30% this financial year through MSME segment. As of now, we have 33 specialised branches dedicated to MSME and we are planning to add 80 branches by March-end.”

For next quarter, the bank is purely concentrating on retail and MSME sector as corporate sector is a stressed area.

UFRRBU’s CLARION CALL- 3 DAYS STRIKE ON 27th TO 29th JULY, Countrywide demonstration at RRB’s HO on 26th July 2016.

Dear Comrades,

Meeting of UFRRBU held in Delhi today, on 6th June, which was attended by representatives of almost all constituents. At the outset Convenor submitted the detail development taking place after the last meeting held in Delhi on 19th April,2016. Thereafter detail discussions took place and UFRRBU resolved as follows:

” This meeting of UFRRBU’ held on 6th June, 2016, in Delhi, expresses its deep concern that in spite of two days strike observed on 10th and 11th March,2016, the Central Government has not been taking our issues seriously and even after getting positive recommendation of NABARD/ other sub-committees on our various issues, DFS has not been considering the long pending genuine demands, rather Govt. is moving with its own agenda of privatization , consolidation and exploitation. Hence, there is no other option except intensification of agitation.”

In view of the aforesaid resolution following decisions were taken unanimously:
i. UFRRBU will write letter to Convenor, UFBU and its constituents to get appointment for availing their active support to our struggle and movement. Constituents of UFRRBU will also follow up with respective parent organisation,
ii. Rather to highlight all the 11 points of Charter of Demand it would be consolidated as parity of Pension and Service Regulation at par with sponsor banks and opposition of privatisation of RRBs, as all other demands are integral part of Service condition .
iii. With a view to get the political and Central Trade Union’s support to our demands, apex leaders of all constituents of UFRRBU will camp in Delhi during the Monsoon Session of parliament, from 20th morning to July evening and will try to get appointment from PM/FM to submit our issues for consideration.
iv. On 21st July, national convention will be held in Delhi and prominent leaders of different political parties, trade Unions and other dignitaries will be invited to address the convention.
v. On 26th July, massive demonstration will be organised at HO/RO of RRBs during lunch hour/before or after office hour,
vi. Whereever base level unit of UFRRBU has not been formed as yet, the base level forum will be formed by 30th June preferably,
vii. THREE DAYS STRIKE WILL BE HELD ON 27th, 28th and 29th July,2016.

Besides aforesaid decisions UFRRBU also took an unanimous view to extend support to RRB’s Retiries’ CANDLE MARCH going to be held in Delhi on 27th June,2016.
Further, with a view to meet the petty expenditure of UFRRBU it was also decided that each constituent will contribute Rs.5000/-(Five thousand) immediately to the a/c informed by Convenor immediately and after submission of details of expenditure further required amount may be contributed proportionately.
Sd. D N Trivedi